U.S. bank regulators said on Tuesday that banks, regulatory ambiguities and digital asset firms made false or misleading statements. with cryptocurrencies He said that they should be aware of the main risks involved.
The institutions also warned about the risk of fraud and fraud among crypto-asset industry participants.
Three US Institutions Announced Joint Cryptocurrency and Bitcoin
In their first joint statement on crypto, the Fed, the Federal Deposit Insurance Corp (US Federal Deposit Insurance Corporation) and the Office of the Comptroller of the Currency (OCC) said in their first joint statement on crypto that those with heavy exposure to the crypto sector or those in crypto-related activities He also stated that there are security and soundness concerns about bank business models, which are concentrated at a high rate.
The institutions added that banks’ issuance or holding of crypto tokens stored on a public, decentralized network was “likely” not consistent with safe and sound banking practices, potentially negatively impacting the efforts of some banks to provide crypto services to their customers.
The announcement comes after months of hesitation by banking regulators to issue uniform guidance or rule on cryptocurrencies, even as banks have expressed a desire for greater regulatory clarity for cryptocurrencies.
While the OCC has previously said that banks must seek regulatory approval before engaging in certain crypto-related activities, such as holding tokens on behalf of customers, the Fed has instructed banks to notify their supervisors before taking any crypto-related action.
With this bitcoin Concerns that some non-current cryptocurrencies are actually securities were also expressed by the SEC and CFTC.
*Not investment advice.
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